Apple preps a mobile payments system on iPhone6
There are lots of interesting rumors about iPhone6. One of the rumors is iPhone6 will contain a mobile payments platform that allows customers to pay for physical goods with their iPhone instead of a credit card or cash. According to a recent report from The Information, Apple’s e-wallet could be launched as soon as this fall, possibly with iPhone6.
According to USA Today, the report states that Apple is currently in talks with major payment companies about integrating with its iOS software. Companies like PayPal have been invited to participate in Apple’s mobile payments project. Recently, Apple just reportedly built a direct partnership with Visa, which has 2.2 billion cardholders.
A few days ago, Digital Trends released an article talking about Apple has been experimenting with different methods for mobile payments, including NFC (Near-Field Communication), Wi-Fi and Bluetooth. While Google Wallet and other similar mobile payments apps have already used NFC technology for some years, Apple has not yet adopted this system. Some rumors believe that Apple will add NFC into its new iPhone.
However, one defect of NFC is that it requires the user to place their device against a payment terminal to make a connection. It is still unknown how Apple will transmit data between the payee and the payment recipient. But hopefully Apple will come up with a solution that is easier than NFC.
As for security, Apple has reportedly told its partners that the mobile payments system would include a “secured element” – a piece of hardware that can store a phone owner’s financial credentials. As Apple has incorporated a fingerprint sensor on the iPhone 5s, it is possible that its new mobile payments system would utilize Touch ID to ensure phone owners’ financial data security.
The Information claims that Apple has long been expected to step into mobile payments. Apple’s digital commerce development is slow, largely because of security concerns and the lack of technology capable of meeting the company’s high standards. It is still unconfirmed at this point if Apple will indeed launch a mobile payments system with iPhone6. But it is pretty clear that Apple has put mobile payments one of its main technology focuses.
What do you think about Apple’s mobile payment feature? Let us know in a comment below!